Option Millionaires

[retiredMM]

I am a bear at heart and I am getting very close to going all in on SPY/IWM Puts. At this point it feels to me that the market is just going up for the sake of going up. What I mean by that is people like to see GREEN days. The volume is so light that after any attempt at a sell off is met with players that just want to see green so as there is no resistance on the upside they rally it into the close with the hope of a follow through in the am. Someone over the weekend stated that he didn’t see signs of irrational exuberance or something such as that. The market going up 1000 PTS in 10 weeks is not irrational? The market is up 25% in just under a year. Is that rational? Do we all think that this most tepid economic rebound after a severe recession (some might have even called it a depression) is worthy of a 25% run?
That prospect of tax cuts and repatriation should have brought us a 10%-12% increase at most. ER’s are up YOY about 10-12% but that is against downgraded expectations.

I am NOT at the point where I think we will get a pullback yet but I’m getting dam close.

All these bullish analysts when questioned about ridiculous valuations have only one comeback... multiple expansion. Multiple Expansion? Are you kidding me? That’s your answer? We are already way past normal multiples and the only bull case you can make is multiple expansion? That to me signals why will will be getting ready for a pullback, not a massacre by any stretch just a 5-7% pullback.